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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #29,801
  • May 12, 2009 10:45am May 12, 2009 10:45am
Quoting mbqb11
I was going to post a chart up but this is a great chart. That first high has right now caught price up. I was hoping to see a bit of a deeper retrace(with the divergence + round number) and right now am caught in drawdown. If you trade like James where you move stops, then your stops would be at b/e at that first high Josh has marked.

Best
Mike
I was stopped out on this trade. I didn't set my stop above the pin bar, instead I set it above the left eye. If it gives another opportunity to enter and go short, I will do so.

This pair moved so hard in the first 15 minutes of the new day (6 PM close EST, 5 PM close CST). I missed this move. It then retraced back up towards the .6000 level (at about .5985). I then set a limit order to buy at .5965, thinking that if price did come back down that far, it should go to at least .5945, get my stop to B/E and let it ride.

It came down to about .5960 and then rocked back up, eventually taking me out.

Overall, with the big round number, the divergence, and the .618 fib level, I think it was a good trade. I would take it again. It never really moved enough to move your stop to B/E (10 pip break was around .5985, low of .5960, without spread is only 25 pips). I mean, I guess you could target only 20 pips or so on a daily bar, but then one loss will take out 10 or so wins. And there will be loses, even if you only target 20 pips.

I believe this was just a loss, or at least was for me with my agressive stop loss placement. Also, zooming out, we can see .6000 has been tested a few times. I believe I have read that a strong level will often hold for 3 or even 4 tests, but after that, a break is much more likely. The momentum might have been too much for a Pin bar to reverse at this point.

Oh well, there will be losses, on to the next.

Best of luck Mike.
  • #29,802
  • May 12, 2009 10:49am May 12, 2009 10:49am
Quoting MinceMeat
Hey Matt,

Sorry, didn't mean to confuse you. Was just trying to say that it was a bit too busy for my liking just below the pin bar to the immediate left. A fair amount of consolidation going on. I like a bit more space when taking my trades especially on 4 hours. It worked out in the end but you had to wait a couple of bars to find out so I guess it is just a matter of personal preference.

Attached is an example of the AUDCHF setup from the other day. Preferred this setup as it had a bit more room to run before any trouble. Just makes things...
That was a nice one. Will have to start paying attention to that pair . . .
"Don't trade to trade . . . trade to win." - James16
  • #29,803
  • May 12, 2009 10:52am May 12, 2009 10:52am
Quoting Jduester
Ok, so my last few demo trades from April were recently stopped out. My final results for demo trading using my exit strategy 10:....


Josh
Well done Josh, you are a model to all the people starting out here, im sure you will become an important part of the PF if you come over.
Economists have forecast 9 out of the last 5 recessions
  • #29,804
  • May 12, 2009 10:53am May 12, 2009 10:53am
Quoting KissFan
Hey Mike. I did not take this trade. Sorry I missed ya'll last night. I'll bet you discussed this chart too. I need some clarification of the context of this post. I am assuming that you shorted this pair yesterday based on the BEOB at swing high. Is that correct? Then you are saying that the stop should be at the first high that Josh marked. I'm missing something because the first high (the one farthest to the left) is at the precise point of the break of the pinbar/beob depending on feed. Forgive me please if this is something real obvious that...
Hey KISS

We had a good chat last night even though i still sound like complete S#*T. I wanted to make it a 30 min webinar and instead it ran 2 hours LOL. I ramble too much

Here is my chart while waiting for my videos to get put up

I simply said I believe the location and div + round number would trump the first high. I also did note in the video that THIS could be the reason price bounces, and if it does I accept that fact going into the trade. My risk was cut in half as I was short nzd/jpy from the 4hr beob and got stopped out at b/e on that too.

Chart

Mike
Attached Image
  • #29,805
  • May 12, 2009 10:55am May 12, 2009 10:55am
Is there a post that lists the best pairs to work off?

I am working; Cable, Eur/Usd, Usd/Chf, Usd/Jpy, but I see that many other pairs are being traded. Would like to add some others to my watch list.

Cheers,
Matt
  • #29,806
  • May 12, 2009 10:57am May 12, 2009 10:57am
Here's one to keep watch for at the moment. The weekly is downward biased as well. We're in rough waters at the moment if you look at the daily however. 200 pip range until the next support. That is only IF it closes and breaks as is. This is just a heads up.
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I dream, therefore I become.
  • #29,807
  • May 12, 2009 10:57am May 12, 2009 10:57am
Quoting FxMatt
Is there a post that lists the best pairs to work off?

I am working; Cable, Eur/Usd, Usd/Chf, Usd/Jpy, but I see that many other pairs are being traded. Would like to add some others to my watch list.

Cheers,
Matt
watch as many as you can At least that is my advice. The more pairs the more picky and patient most people can be. If you watch a handful you can start to get antsy when nothing shows up.

I personally watch 20 something pairs gold/silver
  • #29,808
  • May 12, 2009 11:00am May 12, 2009 11:00am
Quoting mbqb11
Hey KISS

We had a good chat last night even though i still sound like complete S#*T. I wanted to make it a 30 min webinar and instead it ran 2 hours LOL. I ramble too much

Here is my chart while waiting for my videos to get put up

I simply said I believe the location and div + round number would trump the first high. I also did note in the video that THIS could be the reason price bounces, and if it does I accept that fact going into the trade. My risk was cut in half as I was short nzd/jpy from the 4hr beob and got stopped out at b/e on...
Dude you are quick! Thanks for the explanation. Our charts look a little different. Thanks again!

K.I.S.S.
  • #29,809
  • May 12, 2009 11:02am May 12, 2009 11:02am
Quoting mike w
Here's one to keep watch for at the moment. The weekly is downward biased as well. We're in rough waters at the moment if you look at the daily however. 200 pip range until the next support. That is only IF it closes and breaks as is. This is just a heads up.
Thanks Mike! I have been looking at this one as well.

K.I.S.S.
  • #29,810
  • May 12, 2009 11:37am May 12, 2009 11:37am
Quoting MinceMeat
Kind of the stuff that RaczekFX plays
yes, kind of..
there is more to it then just fib ret... but that's beyond the scope of PA from this thread.
.
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  • #29,811
  • May 12, 2009 12:01pm May 12, 2009 12:01pm
Quoting Jduester
I would be happy to discuss other exit strategies that I tested or will be testing, ...
Congratulations for your results!
I checked the different strategies you tested and see there's one I've been wondering about which is missing: I don't like to have 3 different exits, because this makes me in with 3 lots, and if I'm wrong I'm losing all of them.
Did anybody test a classic entry with one lot + second lot at 50% of retracement (if it exists)? So you have always one lot and sometimes 2 lots.
Thanks for your help!
Trading: the skill of avoiding trades
  • #29,812
  • Edited 12:37pm May 12, 2009 12:24pm | Edited 12:37pm
Still in this EURAUD daily pin bar trade, my stop is below the bar after the pin bar now. Its still moving up, very slowly though. Anyone else still in this?
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Economists have forecast 9 out of the last 5 recessions
  • #29,813
  • May 12, 2009 12:26pm May 12, 2009 12:26pm
Quoting eswap0
Congratulations for your results!
I checked the different strategies you tested and see there's one I've been wondering about which is missing: I don't like to have 3 different exits, because this makes me in with 3 lots, and if I'm wrong I'm losing all of them.
Did anybody test a classic entry with one lot + second lot at 50% of retracement (if it exists)? So you have always one lot and sometimes 2 lots.
Thanks for your help!
Hey Eswap

What JD is doing there is splitting his one position into 3. You need to make sure you fully understand position sizing. If you were opening 30,000 unit trade instead he would be opening three 10,000 trades. This gives him more flexibility.

For more on MM check out the posts from Diallist in this thread

http://www.forexfactory.com/showthre...light=Beginner

Best
Mike
  • #29,814
  • May 12, 2009 12:47pm May 12, 2009 12:47pm
Quoting TiaForex
I don't know anything better than Fiji's stuff, specifically when he says that if you can't conquer your ego on demo you'll never conquer it on live. And trading is all about conquering the ego and getting out of our way. Fiji does put it better but you're right, it's copyrighted material.

I think it's okay to trade a tiny tiny account instead of demo and use oanda style micro position sizing. For me personally, I'd rather trade a demo with position sizing closer to what I'll be trading when going live. James16 always talks about trading being...
Personally I like to execute my trades on both a large demo account and a small live at the same time. I essentially mirror the trades on both accounts. This way, I get a feel for trading a large demo and I get the emotion from trading real money on the small live account.

I use the exact same money management, entries, and exits on both accounts. I don't know if anyone else here has done this, but I think it has been working pretty well for me.
  • #29,815
  • May 12, 2009 1:30pm May 12, 2009 1:30pm
Quoting mbqb11
Hey Eswap

What JD is doing there is splitting his one position into 3. You need to make sure you fully understand position sizing. If you were opening 30,000 unit trade instead he would be opening three 10,000 trades. This gives him more flexibility.

For more on MM check out the posts from Diallist in this thread

http://www.forexfactory.com/showthre...light=Beginner

Best
Mike
Thank you for the link and your comments, Mike.
I think I already understand about lots and MM but, regarding "buying a second lot at 50% retracement" I have some doubts, as it looks like averaging a losing position, which everybody knows is a bad habit...
Trading: the skill of avoiding trades
  • #29,816
  • May 12, 2009 1:42pm May 12, 2009 1:42pm
Quoting eswap0
Thank you for the link and your comments, Mike.
I think I already understand about lots and MM but, regarding "buying a second lot at 50% retracement" I have some doubts, as it looks like averaging a losing position, which everybody knows is a bad habit...
Well I would agree buying into a losing position is a bad idea. But some people decide to break up their initial position, which in case is not adding to a loser, but rather scaling in to ones position.

So if I put on my full position on the break of a bar I am fully invested in the trade say 2% of my account. Some might decide to put 1% on the break, and if it retraces the other 1% on the retrace. Risk remains the same overall if you see what I mean

Hope that helps

Mike

(ps I don't do that , just buy/sell on break full position)
  • #29,817
  • May 12, 2009 2:00pm May 12, 2009 2:00pm
Quoting raczekfx
yes, kind of..
there is more to it then just fib ret... but that's beyond the scope of PA from this thread.
.
I'm sure there is ..... maybe some day you will be able to share some of your voodoo magic with us
  • #29,818
  • May 12, 2009 2:38pm May 12, 2009 2:38pm
Quoting mbqb11
For more on MM check out the posts from Diallist in this thread
Thanks, Mike. I hadn't ever seen this thread before from Diallist. Fabulous information. Thanks again.
  • #29,819
  • May 12, 2009 3:01pm May 12, 2009 3:01pm
Ajap, Studying how to use that crystall ball ... Take so time... lol

Quoting MinceMeat
I'm sure there is ..... maybe some day you will be able to share some of your voodoo magic with us
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,820
  • May 12, 2009 4:08pm May 12, 2009 4:08pm
Resistance, breakout, pullback to R turned Support... No PA to enter on daily, though.
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